Healthcare Global Enterprises Ltd is engaged in setting up and managing hospitals and medical diagnostic services including scientific testing and consultancy services in the pharmaceutical and medical sector.[1]
Service OfferingThe Company is a provider of specialty healthcare focused on cancer and fertility. Under the “HCG” brand, it operates the largest cancer care network in India in terms of the total number of private cancer treatment centers licensed by the AERB. It also provides fertility treatment under our “Milann” brand.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Apollo Hospitals | 7447.50 | 64.05 | 107085.81 | 0.26 | 494.00 | 25.98 | 6303.50 | 12.78 | 16.64 | 23264.70 | 14.29 | 1671.90 | 477.20 | 11.78 | 7.77 | 0.88 |
| 2. | Max Healthcare | 1036.45 | 71.57 | 100841.94 | 0.14 | 491.30 | 74.34 | 2135.47 | 25.07 | 14.88 | 7941.09 | 26.56 | 1409.01 | 491.30 | 10.03 | 8.32 | 0.33 |
| 3. | Fortis Health. | 940.55 | 70.46 | 70973.78 | 0.11 | 328.82 | 40.23 | 2331.44 | 17.25 | 11.96 | 8433.62 | 22.03 | 1007.34 | 304.11 | 7.53 | 6.67 | 0.34 |
| 4. | Narayana Hrudaya | 1921.00 | 46.16 | 39251.64 | 0.23 | 258.49 | 29.64 | 1643.79 | 20.28 | 20.75 | 5961.09 | 23.53 | 850.33 | 258.16 | 9.67 | 12.22 | 0.58 |
| 5. | Global Health | 1237.25 | 55.54 | 33210.77 | 0.04 | 158.40 | 21.09 | 1099.22 | 14.91 | 19.74 | 4004.75 | 23.87 | 597.87 | 158.44 | 8.97 | 11.46 | 0.25 |
| 6. | Aster DM Health. | 619.55 | 87.39 | 32077.12 | 0.81 | 121.31 | 13.83 | 1197.21 | 10.20 | 10.68 | 4325.23 | 18.61 | 367.05 | 110.24 | 7.08 | 2.44 | 0.46 |
| 7. | Krishna Institu. | 626.00 | 76.17 | 25036.76 | 0.00 | 72.00 | -37.45 | 960.70 | 23.59 | 15.00 | 3401.60 | 22.98 | 328.68 | 67.18 | 11.03 | 8.32 | 1.40 |
| 8. | Health.Global | 653.50 | 502.75 | 9220.43 | 0.00 | 10.78 | -39.94 | 345.84 | 5.04 | 6.52 | 1309.82 | 16.29 | 18.34 | 10.78 | 7.78 | 0.07 | 0.85 |
| – | Median: 28 Co. | 475.12 | 52.42 | 5171.9 | 0.0 | 33.23 | 20.55 | 315.63 | 15.08 | 15.0 | 1216.1 | 20.58 | 105.7 | 29.83 | 6.08 | 7.79 | 0.34 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 253 | 286 | 313 | 272 | 294 | 327 | 259 | 300 | 324 | 253 | 283 | 329 | 346 |
Expenses | 203 | 237 | 270 | 225 | 244 | 277 | 219 | 243 | 265 | 206 | 232 | 268 | 284 |
Operating Profit | 50 | 49 | 42 | 48 | 50 | 50 | 40 | 57 | 59 | 47 | 50 | 62 | 62 |
Other Income | 2 | 5 | -30 | 2 | 10 | 8 | 1 | -12 | 9 | 1 | 2 | 10 | 4 |
Profit before tax | 19 | 15 | -36 | 18 | 15 | 5 | 8 | 4 | 17 | 14 | 18 | 23 | 15 |
Tax % | 27% | 43% | 3% | 24% | 23% | 34% | 47% | 146% | 40% | 21% | 25% | 22% | 26% |
Net Profit | 14 | 9 | -37 | 14 | 12 | 3 | 4 | -2 | 10 | 11 | 14 | 18 | 11 |
EPS in Rs | 1.02 | 0.62 | -2.68 | 0.98 | 0.84 | 0.25 | 0.30 | -0.12 | 0.73 | 0.79 | 0.98 | 1.29 | 0.76 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 349 | 420 | 471 | 545 | 586 | 640 | 688 | 609 | 850 | 1,006 | 1,171 | 1,277 | 1,310 |
Expenses | 336 | 364 | 407 | 462 | 498 | 546 | 573 | 535 | 703 | 824 | 970 | 1,065 | 1,096 |
Operating Profit | 13 | 56 | 64 | 83 | 88 | 94 | 116 | 74 | 147 | 181 | 201 | 211 | 213 |
Other Income | 3 | 0 | -1 | 7 | 19 | 13 | -19 | -129 | 65 | 7 | 0 | 4 | -8 |
Interest | 28 | 32 | 34 | 16 | 27 | 48 | 83 | 63 | 43 | 41 | 50 | 84 | 89 |
Depreciation | 28 | 33 | 37 | 44 | 44 | 47 | 79 | 87 | 88 | 89 | 97 | 111 | 115 |
Profit before tax | -40 | -8 | -9 | 29 | 37 | 13 | -65 | -205 | 81 | 58 | 54 | 20 | 0 |
Net Profit | -40 | -2 | -5 | 19 | 25 | 7 | -53 | -192 | 38 | 40 | 33 | 4 | -13 |
EPS in Rs | -5.79 | -0.34 | -0.56 | 2.27 | 2.86 | 0.82 | -6.01 | -15.28 | 2.75 | 2.89 | 2.35 | 0.25 | -0.94 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 68 | 70 | 85 | 86 | 87 | 88 | 89 | 125 | 139 | 139 | 139 | 139 | 141 |
Reserves | 192 | 202 | 435 | 459 | 552 | 557 | 526 | 798 | 959 | 1,006 | 1,042 | 1,052 | 1,043 |
Borrowings | 254 | 311 | 194 | 218 | 264 | 422 | 827 | 481 | 349 | 347 | 758 | 1,118 | 1,008 |
Other Liabilities | 99 | 107 | 136 | 159 | 210 | 337 | 328 | 169 | 197 | 237 | 299 | 295 | 357 |
Total Liabilities | 614 | 690 | 850 | 923 | 1,112 | 1,404 | 1,769 | 1,575 | 1,644 | 1,730 | 2,239 | 2,604 | 2,550 |
Fixed Assets | 371 | 405 | 431 | 442 | 492 | 547 | 914 | 745 | 774 | 788 | 974 | 1,038 | 1,008 |
Gross Block | 537 | 566 | 467 | 511 | 591 | 693 | 1,141 | 1,058 | 1,177 | 1,275 | 1,566 | 1,699 | – |
Accumulated Depreciation | 166 | 162 | 36 | 69 | 99 | 146 | 227 | 313 | 403 | 487 | 592 | 661 | – |
CWIP | 10 | 28 | 29 | 33 | 79 | 104 | 44 | 28 | 5 | 9 | 36 | 23 | 58 |
Investments | 80 | 84 | 155 | 141 | 219 | 299 | 316 | 366 | 439 | 475 | 506 | 696 | 696 |
Other Assets | 152 | 173 | 235 | 306 | 322 | 454 | 495 | 436 | 426 | 458 | 722 | 847 | 787 |
Total Assets | 614 | 690 | 850 | 923 | 1,112 | 1,404 | 1,769 | 1,575 | 1,644 | 1,730 | 2,239 | 2,604 | 2,550 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 34 | 51 | 58 | 54 | 66 | 87 | 86 | 71 | 124 | 130 | 209 | 146 |
Cash from Investing Activity | -7 | -74 | -86 | -73 | -185 | -208 | -116 | -246 | 49 | -138 | -254 | -347 |
Cash from Financing Activity | -19 | 22 | 120 | -14 | 91 | 66 | -3 | 236 | -41 | -42 | 96 | -42 |
Net Cash Flow | 8 | -1 | 92 | -33 | -27 | -55 | -32 | 61 | 132 | -49 | 51 | -243 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 54 | 56 | 54 | 67 | 79 | 83 | 81 | 88 | 69 | 77 | 69 | 75 |
Inventory Days | 33 | 36 | 30 | 36 | 40 | 39 | 31 | 32 | 30 | 33 | 30 | 23 |
Days Payable | 191 | 208 | 266 | 257 | 269 | 253 | 247 | 214 | 167 | 168 | 192 | 175 |
Cash Conversion Cycle | -104 | -116 | -182 | -154 | -150 | -131 | -135 | -94 | -68 | -59 | -93 | -77 |
Working Capital Days | -51 | -64 | -74 | -69 | -24 | -82 | -133 | 38 | 9 | 26 | -37 | -70 |
ROCE % | -2% | 5% | 5% | 6% | 7% | 6% | 4% | 1% | 5% | 7% | 7% | 7% |
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Stock Analysis
Healthcare Global Enterprises Ltd. is a leading provider of specialized cancer and fertility treatment services in India, operating the largest cancer care network.
Expansion of the hospital network, adding beds and LINACs, operational efficiency improvements, and strategic investments in subsidiaries to bolster capacity and market reach. Analyst expectations include revenue growth >15% CAGR and improved EBITDA margins.
Currently no data available for Order Book.
Significant decline in Net Profit/PAT year-on-year in Q1 and Q2 FY26, primarily due to increased depreciation and interest expenses resulting from recent capital investments and acquisitions.
Investor and Analyst Meet on December 4, 2025, to discuss business strategy and long-term growth plans.
Corporate Announcements
